Abstract

AbstractThis chapter focusses on currency war, which is exemplified in a case study on the alleged undervaluation of the Renminbi by China. Currency undervaluation could have effects tantamount to a combination of an import tariff and an export subvention. Instruments of international law discussed in this chapter include the GATT, the Agreement on Subsidies and Countervailing Measures and the Articles of Agreement of the International Monetary Fund. In addition, the rules for countermeasures and retorsions are reviewed for their impact on currency war.

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